Marvan Pan: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Marvan Pan
Largest movements
- Receivables within one year -€42,881
down €42,881 (-33.2%), from €129,351 to €86,469
of which Trade receivables: -€38,931
- Cash +€36,762
up €36,762 (+142.9%), from €25,724 to €62,486
mainly Receivables within one year (+€42,881) and Trade debts (+€9,850)
- Stocks and contracts +€17,353
up €17,353 (+154.4%), from €11,242 to €28,594
- Trade debts +€9,850
up €9,850 (+7.5%), from €130,923 to €140,774
- Reserves +€1,785
up €1,785 (+6.4%), from €28,049 to €29,834
of which Distributable reserves: +€1,785
- Gross operating margin -€1,231
down €1,231 (-28.7%), from €4,288 to €3,057
- Taxes -€409
down €409 (-35.8%), from €1,144 to €735
- Other operating charges +€78
up €78 (+20.2%), from €387 to €465
- Financial income -€59
no longer reported in 2025 (was €59)
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €166,316 | €177,550 | +€11,234 | +6.8% |
| Current assets | 29/58 | €166,316 | €177,550 | +€11,234 | +6.8% |
| Stocks and contracts in progress | 3 | €11,242 | €28,594 | +€17,353 | +154.4% |
| Stocks | 30/36 | €11,242 | €28,594 | +€17,353 | +154.4% |
| Amounts receivable within one year | 40/41 | €129,351 | €86,469 | -€42,881 | -33.2% |
| Trade receivables | 40 | €115,861 | €76,929 | -€38,931 | -33.6% |
| Other amounts receivable | 41 | €13,490 | €9,540 | -€3,950 | -29.3% |
| Cash at bank and in hand | 54/58 | €25,724 | €62,486 | +€36,762 | +142.9% |
| Total equity and liabilities | 10/49 | €166,316 | €177,550 | +€11,234 | +6.8% |
| Equity | 10/15 | €34,249 | €36,034 | +€1,785 | +5.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €28,049 | €29,834 | +€1,785 | +6.4% |
| Non-distributable reserves | 130/1 | €1,899 | €1,899 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,899 | €1,899 | = | 0.0% |
| Distributable reserves | 133 | €26,150 | €27,935 | +€1,785 | +6.8% |
| Amounts payable | 17/49 | €132,067 | €141,516 | +€9,449 | +7.2% |
| Amounts payable within one year | 42/48 | €132,067 | €141,516 | +€9,449 | +7.2% |
| Trade debts | 44 | €130,923 | €140,774 | +€9,850 | +7.5% |
| Suppliers | 440/4 | €130,923 | €140,774 | +€9,850 | +7.5% |
| Taxes, remuneration and social security | 45 | €1,144 | €735 | -€409 | -35.8% |
| Taxes | 450/3 | €1,144 | €735 | -€409 | -35.8% |
| Other amounts payable | 47/48 | - | €8 | +€8 | |
| Other operating charges | 640/8 | €387 | €465 | +€78 | +20.2% |
| Gross operating margin | 9900 | €4,288 | €3,057 | -€1,231 | -28.7% |
| Operating profit (loss) | 9901 | €3,901 | €2,591 | -€1,309 | -33.6% |
| Financial income | 75/76B | €59 | - | -€59 | |
| Recurring financial income | 75 | €59 | - | -€59 | |
| Financial charges | 65/66B | €72 | €72 | = | 0.0% |
| Recurring financial charges | 65 | €72 | €72 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €3,888 | €2,519 | -€1,369 | -35.2% |
| Income taxes | 67/77 | €1,144 | €735 | -€409 | -35.8% |
| Profit (loss) for the period | 9904 | €2,744 | €1,785 | -€959 | -35.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,744 | €1,785 | -€959 | -35.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.